RecD08 2008-086768 (2) - Laserfiche WebLink

Browse Search

, . improvements, and that other property owners will be required to participate in funding such costs on a fair share basis. The City agrees to cooperate in the pursuit of state, federal and local sources of ftmds to assist in financing the public facilities and public improvements identified in the Infrastructure and Financing Plan. Any decision regarding the issuance of municipal bonds or the application for state or federal funds shall be in the City's sole discretion; provided however, City agrees to exercise such discretion in good faith so as to provide for the timely construction of the public facilities and public improvements necessary for development of the Property and the Proj eel. In any case where City requires or permits Developer to plan, design, construct or fund the planning, design or construction of public facilities or improvements and either (i) Developer's costs are in excess of those required to be incurred by Developer as specified in the Infrastructure and Financing Plan and/or a reimbursement agreement, or (ii) City reasonably determines that Developer was required to incur costs in connection with such facilities or improvements in excess of those required for development of the Project and the Property (collectively, "Excess Costs"), City shall use best efforts to require that all other property owners benefited by the improvements shall reimburse Developer (through agreements, conditions of approval or otheIWise) for such property owner's proportionate share of such Excess Costs, as determined in accordance with the Infrastructure and Financing Plan, a reimbursement agreement, or otherwise by City. ARTICLE 2: UTILITIES 2. 1 Utility Service in General The City will not unreasonably withhold or condition provision of any municipal utility service which it customarily provides, or act to discriminate against the Project or the Property with respect to sucb utilities. In connection therewith, assuming that the City provides such services, the Developer shall pay for all on-site and off-site improvements required, consistent with this Agreement and the Precise Plan, and pursuant to Project Approvals. ARTICLE 3; TRANSFERS AND ASSIGNMENTS; AGREEMENT RUNS WITH THE LAND 3.1 Release Uoon Transfer and AssUlDotion by Transferee. Upon the sale or transfer of the Property, or a portion of the Property, Developer shall be released from its obligations under this Agreement with respect to the Property, or portion thereof so transferred, arising subsequent to the effective date of such transfer provided that either: (a) the transferee demonstrates to the reasonable satisfaction of the City that it isa legal entity controlled by or under common control with the Developer, or (b) the transferee demonstrates to the reasonable satisfaction of the City that arrangements have been made to assure the completion of all unperformed obligations of Developer under this Agreementt including those obligations, if any, which are not obligations solely of the transferee, and in AITY/AGR/2008.013 022708 12